Sun Network plans to enter print media
Chennai: Sun Network, the country's second largest television network, is on an expansion spree and has plans to enter the print media, launch a second Malayalam channel and expand FM radio coverage to more areas, according to Kalanithi Maran, chairman and managing director, Sun Network. Maran, however, did not disclose the time and language in which the newspaper would be published. He said that the main objective was to be present in all spheres of communication and this was the logical step towards it. This would be the next major investment of the company and would be entirely funded by internal accruals, he said.

The company had no plans to go for an initial public offering at present, Maran said. He said that Sun Network has a major share of the Southern markets. While all other southern markets had more than one channel, there was only one Malayalam channel.
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Eonour plans business recast
Chennai: Eonour Technologies plans to sell, lease or dispose of the South East Asian business and other operations of the company in India and abroad. It intends to promote a joint venture company or wholly owned subsidiary companies in India and/or Hong Kong and/or Singapore, to lease or purchase the South East Asian business and other business of the company.

This move is to bring more focus into the company's operations to capitalise on the growing business, Eonour informed the Bombay Stock Exchange. The board of directors is meeting on January 24 to discuss the matter.
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Jindal Power in talks with lenders to set up new plant
New Delhi: Jindal Power (JPL) has approached multilateral funding agency Asian Development Bank (ADB) and State Bank of India for debt-financing a 500-mw power plant, estimated to cost Rs 2,200 crore.

The company is looking for institutions for funding loans to the tune of Rs 1,500 crore for the coal-fired project. When contacted, Sushil Maroo, director JPL, confirmed that JPL had approached ADB and SBI for preliminary discussions on the matter but declined to give further details, saying it was premature to discuss the matter. Maroo, however, added that his company had mandated SBI Caps to undertake a financial appraisal exercise for the project.
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Varun Shipping may buy out hydrocarbon segment
Mumbai: Varun Shipping is on the prowl for vessel acquisitions both in India as well as through its wholly-owned subsidiary in Singapore. The company had last acquired an LPG tanker in 2002 through its rights issue proceeds.

"We are looking at trade specific acquisitions in a cautious manner, since new buildings are expensive," Yudhistir Khatau, managing director, Varun Shipping, said. As a quality conscious company, our focus is on having a modernised fleet for the hydrocarbon sector, he added. The company's subsidiary in Singapore has two offshore supply vessels, which are currently deployed in Indian waters.
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ONGC starts drive to cut costs in services
Mumbai: Oil and Natural Gas Corporation (ONGC) has embarked on an austerity drive. A senior company official said that ONGC has already started the process and signed a memorandum of understanding (MoU) with BSNL and MTNL for cellular services.

The company has asked all its employees to switch over to the services of these two cellular service providers by January 26. There are about 5,000 mobile phone users in ONGC. Senior executives in Delhi have already switched over from private cellular service providers like Airtel, Hutch and Idea to MTNL's Dolphin service on January 12.
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